JG SUMMIT Holdings, Inc is again the sole Filipino company to have made it to Forbes’ Asia’s Fab 50, an annual listing of the region’s best listed firms.
The conglomerate was one of 50 -- selected among Asia’s 1,295 biggest companies -- that were deemed by Forbes to have demonstrated resilience amid global economic turmoil.
"A slowing economy weeds out the merely good companies from the truly great ones," Forbes said.
"So this year’s list of the 50 best publicly traded companies in Asia-Pacific is a roll call of outfits that have managed to thrive amid decelerating growth in Asia and all but nonexistent growth in their US and European markets."
The Gokongwei-led firm made it to Asia’s Fab 50 list for the first time last year.
China had the most firms on the list with 23, followed by India (11) and South Korea (four). Australia, Hong Kong, Taiwan, and Thailand had two companies each, while Japan, Philippines, Malaysia, and Singapore had one apiece.
Companies in the Fab 50 list must have at notched least $3 billion in annual revenue or market capitalization to be considered for selection, Forbes said. Other criteria used include revenue, earnings, return on capital, share-price movements and outlook.
Forbes pegged JG Summit’s market capitalization at $5.4 billion as of end-August.
Firms with excessive debt and those that are at least 50% government-owned, or are local affiliates majority-owned by multinationals, are disqualified.
JG Summit, established in 1990, last month reported net income of P7.47 billion for the first semester, a 49.4% increase from P5 billion a year earlier, due largely to foreign exchange gains.
Companies under the conglomerate include food and beverage firm Universal Robina Corp., Cebu Air, Inc. -- the operator of airline Cebu Pacific, and real estate developer Robinsons Land Corp. -- Franz Jonathan G. de la Fuente
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